Dental for Self Employed? Why Vita Dental Spring is Best?http://www.vitadentalspring.com/wp-content/themes/corpus/images/empty/thumbnail.jpg 150 150 Tony Tony http://1.gravatar.com/avatar/aa9bbdf8f1e6bbf534778ecea7c0c925?s=96&d=mm&r=g
Dental for Self Employed? Why Vita Dental Spring is Best?
Due to the current tough job market, many Americans are choosing to start their own business. If you are new to self-employment, chances are that you are not thinking of dental insurance. However, you should consider it, especially if you have small kids. The last thing you want is a huge dental bill that may slow down the new venture. Here are a few tips that we at Vita Dental Spring have prepared for the self-employed.
Dental insurance gives you more than access to dental care. It also lets you to benefits from discounted rate, which insurers negotiate with dental providers. Besides that, it limits the financial liability that might otherwise take you to the brink of bankruptcy. If you have no insurance or would like to access affordable health insurance, here are some tips:
If you want to ensure that you get the best dental insurance plans for your budget, you should check out what is offered in your area. You could decide to source your dental needs from a single insurer. However, that is not going to show you how their offer fairs against the competition.
When you use an online shop to purchase dental insurance, it helps you to compare rates from the providers in your area. You will also be able to read customer reviews, benefits, and compare the rates. Besides that, since the state’s department for insurance regulates prices, you pay the same whether you buy online or offline.
Consider COBRA Alternatives
Many of the entrepreneurs of today are people who have been laid off recently by their employers. If you were recently laid off, you might be eligible for COBRA coverage. It is a federal program, which lets you extend your employer’s insurance at your cost. This is a great option for most people as it comes with a 65% subsidy from the federal government.
However, it might still be expensive in some states. In fact, it can be as much as $500 more a year if you stay on COBRA instead of purchasing your own insurance. Unless you have a pre-existing condition that makes it hard for you to find cover on your own, it would be a good idea to seek out a favorable cover for yourself.
Lock in the Rates
When you buy dental insurance for yourself or your family, note that the insurer may periodically increase the monthly premiums. One way to do this is to look for rate guarantees. By using an insurance agent, it can help you to find a company that offers rate guarantees.
Some insurers will automatically lock the rate for the first year. Others will offer to lock the rate for longer if you pay something extra every month. For instance, an insurer can promise you a locked rated for 12 months and extension of 24 months if you agree to pay $20 more each month. Do the math to ensure that you will save money compared to an increasing rate.
Deduct insurance premiums during tax time
If you qualify as a self-employed person, you might deduct some of the insurance premiums paid by you and your family as an ‘above the line’ expense on federal tax returns. However, you cannot deduct premiums you paid for months when you were eligible to take part in employer-sponsored dental insurance plans.
Besides that, you cannot deduct more than the net self-employed income for a year. Hold discussions with tax professionals to learn about the different self-employed status and the tax implications in your state.
Check out HSAs
When you use a tax-advantaged savings account in conjunction with a HSA-eligible insurance plan, this is what is called a HSA. HSAs are good for the self-employed. For one, they come with high deductibles and lower monthly premium than most other plans.
You will be able to deposit some of your pre-tax income into the savings account. This will let you earn interest tax-free and use the funds to pay for qualified dental expenses. These include deductibles and copayments. Any unused funds will accrue tax-free annually. The family can save about $6,000 tax-free in HSAs.
Discuss a payment plan
Besides all of these tips to get better rates, you can also hold discussions with your dentist. Since you are an entrepreneur, you may get quite a good rate. If you think this is the best option for you, get in touch with Vita Dental Spring today. We are prepared to help you overcome your dental costs.
Why Vita Dental Spring is the Best
A major reason to choose Vita Dental Spring is that the services are affordable but are of the highest quality. Besides that, we have various options that we use to treat each dental condition. This way, you can choose an option that is most affordable for you and your family. Give us a call today to get started on your first consultation.
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- Dental Care